(MENAFN- Saudi Press Agency) The price of oil rose more than $1 a barrel Monday as the euro strengthened against the dollar, AP reported.
The euro rose to $1.3415 against the dollar from $1.3363 late Friday in New York. A strong euro tends to result in higher oil prices by making crude priced in dollars cheaper - and a more enticing investment - for traders using currencies other than the greenback.
Benchmark oil gained $1.31 to finish at $97.03 a barrel on the New York Mercantile Exchange.
In London, Brent crude, used to price international varieties of oil, fell 77 cents to end at $118.13 a barrel on the ICE Futures exchange.
In other energy futures trading on the Nymex:
- Wholesale gasoline fell 4 cents to finish at $3.02 a gallon.
- Natural gas rose less than a cent to end at $3.28 per 1,000 cubic feet.
- Heating oil gave up less than a penny to finish at $3.23 a gallon.
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